If you want to stay abreast of the latest happenings in the real estate industry, you should subscribe to HousingWire. This website will provide you with timely news and analysis of consumer and lender activity in the real estate industry, best practices adopted by industry leaders, and market and economic trends. You’ll be surprised at the number of articles and news reports that are being published each day. Read on to learn more about the latest trends in real estate today.
Inventory remains tight
With the shortage of new homes on the market, more home buyers are looking to purchase existing homes. While low housing inventory is part of the problem, an even bigger one is increased demand. The millennial generation, for example, has not been particularly interested in homeownership. Therefore, there isn’t as much supply as there were a decade ago. As a result, the housing market is extremely tight and buyers are finding it harder to find homes within their price range.
Home prices are rising too fast
The housing market is already under strain from limited inventory, record price growth, and a high interest rate. This combined with limited inventory makes it even more difficult for consumers to buy a home. A recent Zillow report showed that the bullishness among analysts declined from April to May, and home price growth is projected to slow to 11.6% through April 2023. This should keep home buyers and sellers from overextending themselves. But is it too late to make the market more affordable?
Rents are soaring in San Francisco
The Bay Area has become the poster child for skyrocketing rents. But the region’s economy is still weak, and rents are not back to their pre-pandemic levels. That’s partly because many people have been returning to New York after the pandemic. Moreover, the area’s high concentration of remote jobs makes it hard for many employers to compel workers to return.
Foreclosures are massive
There’s no question that foreclosures are massive in real estate. But do they really help? The answer to that is no. Foreclosures do give banks the opportunity to refurbish their housing inventory. But they don’t solve the housing shortage or supply problem – they are just one part of the puzzle. You should always know your exit strategy when investing in foreclosures. In this article, you’ll learn about a few strategies you can employ to maximize your profits from these properties.
In real estate news, coworking has become a popular trend. In fact, more than 70 percent of office space operators plan to invest in technology and clean-up protocols. Nearly 40 percent of operators plan to improve technology for contactless interactions and keyless door access. In addition, mixed-use buildings are attracting more interest. Coworking conferences can help operators better understand how the trend can benefit their values and operations.
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Zillow’s new lending guidelines
The consumer protection bureau recently sent Examiners to lenders across the country to investigate if the company is buying leads from Zillow. Although there is no evidence that Zillow is violating RESPA, the company is changing its lending guidelines to be more consistent. Zillow’s new lending guidelines apply only to Zillow-owned homes. However, this does not mean that Zillow will stop selling mortgage leads.